GST payable on Penal Interest for Delayed Loan EMI: AAR [Read Order]
Read more at: http://www.taxscan.in/gst-penal-interest-loan-emi-aar/30993/
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👉🏻Bankrupt firms in India to get a new and quick rescue option
(Govt is set to introduce a quick corporate rescue option, which will be finalized mostly in boardrooms than in courts, as it seeks to avoid prolonged and costly legal battles over the resolution of bankrupt companies)
👇🏻 👇🏻 👇🏻
https://goo.gl/f4z5Nv
👉🏻Allow Audit firms to offer legal services - MCA panel
(An expert panel constituted by the ministry of corporate affairs (MCA) has recommended that Advocates Act be amended to allow audit firms to offer legal services)
👇🏻 👇🏻 👇🏻
https://goo.gl/xZt3My
👉🏻IBC cleared Rs 3 lakh Crore worth stressed assets
(MCA Secretary Injeti Srinivas said that the Insolvency and Bankruptcy Code (IBC) has an impact of around Rs 3 lakh crore on non-performing assets (NPAs)
👇🏻 👇🏻 👇🏻
https://goo.gl/PQQufz
👉🏻Appointment of GST Auditors for NSKFDC
(NSKFDC has to hire the services of CA Firm for conducting audit under the provision of section 35(5) of GST Act)
👇🏻 👇🏻 👇🏻
https://goo.gl/to4km6
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GST applicable on Sale and Purchase of DFIA Licenses: AAR [Read Order]
Read more at: http://www.taxscan.in/gst-sale-purchase-dfia-licenses-aar/30999/
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ITAT Mumbai bench has held that the payment of high remuneration to Directors cannot be disallowed by treating the same as a tool to shift profits to evade tax if the Directors have already offered the income for tax through their personal returns.
Mumbai ITAT has ruled that premium earned on allotment of preference shares by a loss-making entity cannot be taxed. The tribunal said the valuation of shares is not relevant for determining the genuineness of the transaction. The ruling, pertaining to Section 68 of the Income Tax Act, stated that the AO can only verify the nature and source and not question the genuineness of the premium on allotment of preference shares.
Multi Vehicle Option for e-Way bill. The new option has been introduced wherein the consignment of one e-way bill has to be moved in multiple vehicles, after moving to transshipment place.
MCA has recommended that Advocates Act be amended to allow audit firms to offer legal services, a proposal which is being opposed by law firms.The MCA panel is of the view that development of multi-disciplinary practice (MDP) firms should be facilitated in the country, and to meet this goal, auditors should be allowed to expand their portfolio of services.
India ’s economic growth will slow down somewhat but remain robust, at close to 7.50% in 2019 and 2020, the Organisation for Economic Cooperation and Development (OECD) has said.
ICAI has withdrawal implementation guide on auditors report and schedule III of the Companies Act, 2013 related to SBNs.
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👉State RERA chiefs are against home buyers going to consumer forums. Now the regulators from different states demanding that home buyers be barred from approaching consumer forums.
👉NBFCs need enough liquidity support for even normal growth says Subhash Chandra Garg, Economic Affairs Secretary
👉Minister Arun Jaitley has said the government does not need any extra funds from the Reserve Bank or any other institution to meet the fiscal deficit target. However, he added that extra funds, which may accrue from the new capital framework of the Reserve Bank, can always be used for poverty alleviation programmes over the years by future governments.
👉The finance ministry hopes that 3-4 banks would come out of the RBI's Prompt Corrective Action watchlist this fiscal, following the expected modification of guidelines and apparent improvement in bottomline of the public sector banks, sources said.
👉India will focus on boosting its exports to the U.S. and other global markets as Chinese shipments become unattractive amid a trade war between the world’s biggest economies, the country’s trade minister said.
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Chartered Accountants need not to be a Graduate to become Registered Valuer: ICAI
Read more at: http://www.taxscan.in/chartered-accountants-graduate-registered-valuer-icai/31032/